58.—(1) Subject to paragraphs (2) and (3), the Authority may borrow monies upon the security of their assets for the time being or of their revenues or both their assets and their revenues, by any methods they see fit.
(2) The Authority’s borrowing shall not exceed one million pounds (or that sum as adjusted in accordance with article 60) without the consent of the Secretary of State.
(3) For the purpose of paragraph (2), in calculating the amount of monies borrowed by the Authority and outstanding at any one time there shall be excluded any monies which were borrowed for the repayment, within twelve months of the date of their borrowing, of any sum for the time being outstanding by way of principal on any amount previously borrowed.
(4) Monies borrowed by the Authority under this article shall be applied only to purposes to which capital money is properly applicable.
(5) For the purposes of paragraph (4), but without prejudice to its generality, purposes to which capital money is properly applicable shall be deemed to include—
(a)the payment of any interest falling due within the five years immediately following the date of the borrowing of any sum of money borrowed by the Authority under this article; and
(b)the repayment within twelve months of the date of borrowing of any sum for the time being outstanding by way of principal on any amount previously borrowed.
59.—(1) The Authority may borrow temporarily, by way of overdraft or otherwise, such sums of money as the Authority may require for meeting their obligations or discharging their functions under or in pursuance of any enactment.
(2) The total amount outstanding at any one time of the money so borrowed shall not exceed £300,000.
60.—(1) On each anniversary of the new constitution date the sums mentioned in articles 58(2) and 59(2) shall be adjusted in line with any movement (calculated to one decimal place) in RPI which occurred during the year ended on 31st December immediately preceding the anniversary in question.
(2) Any adjustment referred to in paragraph (1) shall be recorded in the next following annual statement of accounts prepared by the Authority.
(3) In paragraph (1), “RPI” means the general index of retail prices for all items published in the monthly publication of the Office for National Statistics known as “Monthly Digest of Statistics”, or any successor from time to time of that index.
61.—(1) Subject to paragraph (2), any sums of money borrowed by the Authority under or by virtue of the repealed enactments and outstanding on the date when this Order comes into force shall be deemed for the purposes of article 58 to have been borrowed under that article.
(2) The Authority may purchase any harbour stock, whether at par or at a price above or below par, either in the market or by agreement with its holder for the purpose of extinguishing that stock.
(3) In this article “harbour stock” means the harbour stock held under the Maryport Harbour Act 1939(1).
62. Section 17 (application of harbour revenue) of the Maryport Harbour Act 1939 is amended by the insertion after paragraph (5) of—
“(6) The payment of capital and interest in respect of any borrowing under article 58 or 59 of the Maryport Harbour Revision Order 2007;”.
63.—(1) The accounts of the Authority shall be audited annually by an auditor or firm of accountants appointed by the Authority.
(2) The report of the auditor on the accounts of the Authority for each financial year shall be submitted to a meeting of the Authority as soon as reasonably practicable following end of the year of account.
64. As soon as reasonably practicable after each annual statement of accounts is prepared, the Authority shall make a copy of the statement available free of charge at the offices of the Authority for a period of three months for inspection by members of the public and shall, subject to the payment of a reasonable charge, supply a copy of the statement to any person who requests one.